Disgraced former Rep. Vito Fossella announced yesterday he will not try to make a comeback this year for his old congressional seat, but did not rule out a future run.

“I am frankly at a very good place in my life,” Fossella said outside the Manhattan financial firm where he works. “I am where I need to be and where I want to be, most importantly, and as a result I’ve indicated to the chairman of the [Staten Island Republican] party that I would not seek election to Congress this year.”

Speculation swirled about a comeback last week, after the local GOP’s executive committee, which is filled with Fossella allies, handed him the nomination to challenge Democratic incumbent Michael McMahon.

McMahon won the seat two years ago after Fossella was busted for drunk driving and it was revealed that the married father of three had fathered a child with a mistress.